A sweeping Republican rewrite of the Dodd-Frank Act would significantly reduce the Consumer Financial Protection Bureauís (CFPB) power and subjected it to greater White House and congressional oversight.

The bill would turn the CFPB into an executive agency with a removable director, drastically limited powers and a budget controlled by Congress.

House Republicans are preparing major changes to the Dodd-Frank Act, the post-recession banking regulation long reviled by the GOP. House Financial Services Chairman Jeb Hensarling (R-Texas) will release a comprehensive rewrite of the bill by the end of April, a Republican committee aide said Tuesday.

President Trump said Tuesday morning that Republicans are working on "a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many."